ServiceSource, the global leader in recurring revenue management, today introduced Scout® Formulas, the industry’s first user-configurable analytics solution for sales, marketing and customer success teams to increase customer lifetime value. The new offering allows business users to create and deploy unique key performance indicators and rules (known as formulas) based on data aggregated from CRM, survey management, billing automation and other systems across the enterprise.
Today, customer success, sales, and marketing departments require dynamic control of customer data to generate meaningful analytics that support their unique business requirements. Unfortunately, business users must rely on tailored customer analytics using error-prone and expensive Excel documents or spreadsheets. In fact, a recent Ventana Research report found that only 15 percent of organisations are fully satisfied with their customer analytics. The report identified numerous factors contributing to this dissatisfaction, including the use of spreadsheets by more than half of organisations (52%), with 57 percent agreeing that spreadsheets make it difficult to produce timely and accurate customer analytics.
Scout Formulas eliminates the burden of managing data and calculations from multiple systems and spreadsheets. Leveraging comprehensive customer data with Scout® Hub, the leading predictive analytics platform, Scout Formulas allows business users to create customised key performance indicators and rules, or Formulas, which perform calculations or automate decision rules. Once created, a Scout® Formula for customers, subscriptions or users can be deployed and used across the organisation in reports, dashboards, playbook automation, workflow and analysis tools. Typical use cases include:
· Customer Metrics and Functions (i.e. Customer Health Scores): ahighly personalised customer health-monitoring capability that automatically triggers specific playbooks. Business users can perform calculations for customer lifetime value and health scoring, and gauge the performance and timeliness of specific playbooks.
- Subscription Metrics and Functions: allows business users to perform subscription level calculations for compliance, renewal pricing, billing and health scoring to automate usage charge billing and apply filters for a more efficient and streamlined renewal process.
- User Metrics and Functions: provides customisable fields for user-level calculations and automated triggers for personalised nurturing to increase loyalty, usage and customer lifetime value.
“All too often, customer success, sales and marketing teams rely upon manual, time-intensive and error-prone spreadsheets. This burdensome process will not cut it in today’s fast-paced subscription economy, where real-time monitoring and interaction with customers is imperative for driving customer success and business growth,” said Matthew Shanahan, VP of product strategy for Scout® by ServiceSource. “Now, Scout Formulas puts the power of predictive analytics into the hands of the business user. Sales, marketing and customer success professionals can now quickly and easily create sophisticated key performance indicators and rules to monitor customer success and drive the right customer engagement to maximise customer lifetime value.”